Mary-Kate and Ashley Olsen have surely come a long way since their Full House days. The twins started out as adorbale child stars who eventually grew up to become savvy businesswomen at the helm of a billion-dollar brand. Not only have they proved their prowess in the business world, but also in the fashion industry.

On Monday night, Mary-Kate and Ashley Olsen were honored by the Council of Fashion Designers of America (CFDA) with the 2012 Womenswear Designers of the Year award for their line, THE ROW.  

I'd like to thank you - you, Mary-Kate, said, turning to her twin sister, as they accepted their CFDA award. THE ROW, established in 2007, is a luxury apparel and accessory brand named after the historic Savile Row. THE ROW's style is defined by a sense of discreet luxury, focusing on clean lines, fine fabrics and the perfect fit. 

The sisters flaunted designs from THE ROW's Resort 2013 collection. Mary-Kate Olsen, who recently dyed her hair a dark brunette, wore a long-sleeved black silk dress with a waist-sash and a high-low hem. She paired her dress with Louis Vuitton black sueded peep-toe heels and a black purse by THE ROW. On her neck, Mary-Kate wore a silver layered necklace by Sidney Garber. 

Ashley Olsen opted for color on the 2012 CFDA Awards red carpet. She wore a plum-hued silk V-neck dress with a willowing ruffle down the middle. Ashley paired her dress with silver cuff bracelets, Manolo Blahnik heels and a bag by THE ROW. She wore her blonde hair pulled back in a low bun. 

Mary-Kate and Ashley Olsen have dedicated themseleves fully to fashion, according Ashley. In an interview with Elle UK for its April issue, the 25-year-old said, We worked non-stop until we were 18. Then we decided to take a break and go to school -- and that was when we decided to question whether we would carry on in entertainment. It was time to step behind the process. I wanted to work on other things. It doesn't mean I'm not interested in Hollywood, I like the way it operates and the people who are involved and the sense of possibility. But if I ever do get back in, it's not going to be as an actress.

The twin sisters have made quite a name for themselves in the high fashion biz, with their hugely popular line, THE ROW, and designing stints with Elizabeth & James.

Ashley and Mary-Kate chatted with Elle UK about their journey from adorable childhood stars to bona fide fashion moguls. The twins, said Elle UK, seek to carve a career path that rivals Tom Ford's. They added, You have to be a little crazy to do what we do.

Crazy like a fox, though.

The Olsens showed their Fall 2012 collection at New YorkFashion Week on February 13 to rave reviews from some of the fashion world's harshest critics.

Their clothes have both remained the same and evolved in beautiful ways ... Two years ago we called that feeling 'utterly simple and anonymously chic.' Now, we'd add serene, even timeless. Chaste is too strong a word, especially with the sheer black chiffon, so we'll stick with refined. Bonus points, then, for the setting: the historic Bemelmans Bar at the Carlyle Hotel, complete with live piano accompaniment and breakfast goodies on every table, commented, a subsidiary of Conde Nast.

The intention, Ashley Olsen said post-show, was to keep THE ROW 'intimate and as pretty and pure as possible.' Mission accomplished and beautifully so, as Ashley and her designing partner, Mary-Kate Olsen, delivered a treatise on discreet chic, all the more impressive for its ample use of fur, said Women's Wear Daily.

Other famous style stars stepped out on Monday night for the 2012 CFDA Awards at New York's Alice Tully Hall. Anna Wintour, Candice Swanepoel, Jessica Chastain, Zoe Saldana and Doutzen Kroes were all in attendance. Seth Meyers hosted the fete and poked fun at the fashion folk. Fashion and comedy go together like bar mitzvahs and John Galliano, Meyers joked. Fashion people like hating things more than they like liking things. 

Here is a list of the winners: 

Womenswear Designer of the Year: Ashley & Mary Kate Olsen for THE ROW 

Menswear Designer of the Year: Billy Reid

Accessory Designer of the Year: Reed Krakoff

The Fashion Icon Award: Johnny Depp  

Swarovski Awards for Emerging Talent in Womenswear: Joseph Altuzarra

Swarovski Awards for Emerging Talent in Menswear: Phillip Lim

Swarovski Awards for Emerging Talent in Accessory Design: Tabitha Simmons

Geoffrey Beene Lifetime Achievement Award: Tommy Hilfiger 

International Award: Rei Kawakubo-Commes des Garcons

Media Award: Scott Schuman & Garance Doré

Founders Award, in honor of Eleanor Lambert: Andrew Rosen

Check out photos from the 2012 CFDA Awards red carpet in the following slideshow. Who do you think looked best?